A will can

specify who gets what after you die, while a living trust can also help

you avoid probate, reduce estate taxes or set up long-term property management.

Both are part of a good estate plan. The average probate can go on for

months before the beneficiaries get anything. Not to mention that probate

eats into their inheritance, since lawyer's fees and other court costs

will be taken out of your assets.

Property transferred

into a living trust before you die doesn't go through probate. Instead,

the trustee you have appointed merely transfers ownership to the beneficiaries

you named in the trust. If privacy is a big concern for you, living trusts

also offer the advantage of being shielded from public disclosure.

While a will

becomes a matter of public record, the terms of a living trust are not

required to be made public. Even if you establish a living trust, you'll

still want to have a will as well. If you don't have a will, any property

that isn't included in your trust will go to your relatives in an order

determined by state law, and this may not be the distribution you would

have wanted.

For example,

state law usually does not recognize the different needs of your children

nor their stage in life. Most families have children with unequal needs,

capabilities and requirements for care based on their age, health, education

and other factors. For example, if you have minor or disabled children,

do you want the probate judge appointing their guardian?

It may all

sound overwhelming at first, but there are many professionals trained

and qualified to help you make your estate planning effective. Check with

your state or local bar association for a local Certified Estate Planning

attorney, or try the state CPA association. The National Association of

Estate Planners and Councils (NAEPC) offers a list of members who have

earned the special designation AEP (Accredited Estate Planner).

Estate planning

is appropriate for any stage of life if you don't prepare for the inevitable,

you may create needless heartache and loss for those left behind. Your

estate plan should allow you to give what you want to whom you want to

receive it, the way you want them to receive it and when you want them

to receive it. Your estate plan should save every tax dollar, professional

fee and court cost legally possible. Use good estate planners to ensure

things work the way you want.

For more information

on the NAEPC, or to find an Accredited Estate Planner near you, visit

www.naepc.org or call NAEPC toll-free at (866) 226-2224 for suggestions.

The National

Association of Estate Planners and Councils (NAEPC) is a national organization

of professional estate planners and affiliated estate planning councils

focused on establishing and monitoring the highest professional and educational

standards. NAEPC offers public awareness of the quality services rendered

involving cross-professional disciplines to better serve the public's

need in estate planning.

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